By Nermeen Nabil Khear 
Recently, the country took an important step by officially recognizing digital currencies as a type of property.
This means that crypto is now seen as a valuable asset in international trade, just like gold or oil. It’s a major shift that could change how countries do business with each other.
A New Law Backed by President Putin
This new move comes from a law recently approved by Russian President Vladimir Putin. It allows cryptocurrencies to be used for trade settlements between countries. In simple terms, this means that businesses can now use Bitcoin and other digital currencies to pay for goods and services when dealing with international partners. No more waiting for long bank transfers or dealing with foreign exchange rates.
The law is part of what’s called an “Experimental Legal Regime” (ELR). That may sound complicated, but it just means that Russia is testing how cryptocurrencies can work in real-world trade. The government will monitor the results to see how well it works and whether it can be expanded in the future.
Breaking: Putin signs law recognizing digital currency as property, enabling its use in foreign trade settlements.#Bitcoin pic.twitter.com/Qe8rvaWpxa
— Crypto Machan (@CryptomachanX) November 29, 2024
The ELR is like a test drive for cryptocurrencies in trade. Russia is giving it a spin to see how well it can keep up with the needs of international business. If the test works, it could be the beginning of a bigger shift in global trade.
Why Does This Matter?
For countries and businesses, the ability to use Bitcoin and other cryptocurrencies can make international trade faster and cheaper. With digital currencies, there’s no need to rely on banks or government-controlled currencies. This makes things move faster, almost like hitting the fast-forward button.
PUTIN LEGALIZES CRYPTO | SLASHES TAXES ON MINING PROFITS
Digital currencies are now officially recognized as property in Russia under a new law signed by Putin.
Crypto mining and sales are VAT-free, but operators must report clients or face fines of 40,000 rubles (~$400).… pic.twitter.com/Mf3lKO4WOj
— Mario Nawfal (@MarioNawfal) November 29, 2024
It also opens the door for Russia to do business with countries that might not have strong relationships with traditional financial systems. In the world of crypto, the saying “money talks” has never been truer.
Disclaimer
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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